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'The Maharlika Investment Fund law remains problematic despite its enactment but what we can do is continue to be vigilant as this law is implemented – and try to hold the President accountable.' ThoughtLeaders
Just less than eight months since it was first proposed in the House of Representatives, the Maharlika Investment Fund bill is now a law.in Malacañang Palace amid smiles and cheers from lawmaker friends as well as his economic team.First, even the proponents still don’t know what it really is.
In his speech right after signing the law, Marcos said, “Perhaps it’s time that we clarify all the questions and answer all the questions that have been raised about the Maharlika fund. What is its intent? What is it supposed to be? How is it supposed to work?” Fourth, and most importantly, many of the fundamental defects of the law have not been fixed. As many UP School of Economics faculty members wrote in a
More crucially, as we said in the UPSE discussion paper, “It is quite telling that the MIF bill contains no provisions regarding bankruptcy and resolution. This might mean that, implicitly, the Philippine government will still shoulder in the end any liabilities or losses that may arise from the MIF.”
The state-owned banks, for instance, need that capital to fulfill their mandates to “spur countryside development” and “[provide] banking services for the medium- and long-term needs of small and medium enterprises in the agricultural and industrial sector, particularly those operating in the countryside.”By diverting public funds from these institutions, Maharlika will compromise the ability of these institutions to fulfill their respective mandates.
The President laughed off supposed criticisms that public funds ought to be put in key sectors like agriculture and energy development – instead of a strategic investment fund. He said, “Where do you think we will spend that money? Buying luxury cars, big yachts? It makes me laugh because that is so far from the truth.”
Does he even know what he signed? Because Article V, Section 20 of the new law provides that “The Secretary of Finance shall sit as the Chairperson [of the Maharlika board] in anPicking winners Marcos said that previous ways of attracting capital, like public-private partnerships , joint ventures, government-to-government arrangements, all “come under the category of borrowings.”
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